RATE Group | Bitcoin transaction fees hit 7-year low, meaning it could finally be used as a currency
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Bitcoin transaction fees hit 7-year low, meaning it could finally be used as a currency

29 May Bitcoin transaction fees hit 7-year low, meaning it could finally be used as a currency

Posted at 16:18h in Bitcoin News by

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Bitcoin transaction fees have hit a seven-year low, potentially opening up the cryptocurrency to much wider uses as an actual currency.

When bitcoin’s pseudonymous creator Satoshi Nakamoto first described it in a 2009 paper, the cryptocurrency promised to be a “peer-to-peer electronic cash system.”

As its popularity grew, however, its overloaded network became plagued with slow transaction times and high fees, reaching as high as $60 per transaction at the end of 2017.

According to one transaction fee tracker, this figure has since fallen more than 70-fold.

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The issues with slow transactions and high fees led to an irreparable rift among the bitcoin community, eventually leading to a split in bitcoin’s underlying blockchain technology to form a brand new cryptocurrency: Bitcoin cash. 

Bitcoin cash aimed to overcome the problems by altering the way transactions are processed. 

While bitcoin transaction fees remain…

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